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Beliebt Word Problems >

Khloe invested 5,600 in an account paying an interest rate of 5.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 7 years?

Lösung

K h l oe in v es t e d 5, 600 in an a cco u n t p a y in g an in t eres t r a t e o f 5.3% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t h u n d re d d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 7 ye a rs ?

Lösung

Amount : 8115.21

Schritte zur Lösung

Translate the problem into an equation:

A = 5600 (1 + \frac{0.053}{365})^{365 \cdot 7}

5600 (1 + \frac{0.053}{365})^{365 \cdot 7} = 8115.20664 \dots

Round to the nearest hundredth:

8115.21

Amount : 8115.21

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